Home Buyers Could Tap Pensions For Deposit, Minister Says

Law360, London (October 13, 2020, 1:14 PM BST) -- The pensions minister has said he is willing to consider a move to allow young savers to tap into their workplace retirement plans early to fund a mortgage deposit on a first home purchase, a prospect that has caused concern among industry experts.

Guy Opperman said on Monday that his "door is open" to ideas from the industry on how such a move could work, although he acknowledged that officials had not carried out any research.

The government is looking at a range of measures to help first-time buyers get on the property ladder. Many lenders have withdrawn mortgage products with a...

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